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Virtualization data management company Actifio has raised $50 million in Series D funding led by Technology Crossover Ventures (TCV) with participation from existing investors Andreessen Horowitz, ATV, Greylock Partners Israel and North Bridge Venture Partners. This fund brings the enterprise company’s total venture investment to $107.5 million. According to a Wall Street Journal report, Actifio was valued at $500 million and is considering an IPO.

Actifio offers a copy data storage platform, and uses virtualization technology to store and manage data. This allows for businesses to create a single copy of production data and maintain changes to that master copy. And this data is easily recoverable at any time.

The premise around Actifio is that organizations make multiple copies of the same data over and over again in an effort to protect their data. But these are unnecessary because it’s difficult for IT teams to find and retrieve the right data quickly while also excess storage costs.

Actifio helps slash storage costs (the company says by as much as 90 percent) and reduces recovery times. It’s a huge problem to tackle and an estimated $40 billion sector, according to IDC.

“We’ve all witnessed Actifio scale worldwide at record pace,” said Andreessen Horowitz partner Peter Levine in a release. “Their formula is simple: great execution plus a huge market opportunity with a product that delivers on its promise of radical simplicity.”

Actifio is led by CEO Ash Ashutosh (formerly VP and chief technologist of HP’s StorageWorks division), Jim Sullivan (previously VP, Worldwide Sales at IBM System Storage) and David Chang (formerly founder and VP of Product Management at AppIQ, which was acquired by HP). In 2012, the company saw 700% year-over-year growth in sales, and posted 62 new transactions in the fourth quarter 2012 each averaging over $210,000.

Actifio may be one of the enterprise giants we see heading towards an IPO in 2014, so stay tuned.